There are numerous reasons why those who live in Jackson Hole have chosen to have their “Primary Residences” here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits, when compared to all other states. For years, Bloomberg has rated Wyoming as the most tax-friendly state in the U.S. Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole.
1. No state income tax: With no state tax on personal or corporate income, “you have more disposable income,” Jones says.
2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Jones says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the ‘dynasty trust,’ which can continue for a thousand years.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
3. No inheritance tax or estate tax: “Wyoming repealed its estate tax as of January 1, 2005,” Jones says.
4. No state gift tax: “Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.
5. No tax on out-of-state retirement income: “A lot of people in Jackson Hole use Wyoming as a second home,” Jones says. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”
6. Low property taxes: “Wyoming has very low property taxes compared to other states,” Jones says. “The taxes that you do pay here are based on the assessed value of the property.” For Teton County, he says, the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of one percent.
7. No excise taxes: When you fill up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.
8. No tax on mineral ownership. “A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Jones says. “If you own minerals, you won’t pay a tax on it like you would your home.
9. No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.
10. No tax on the sale of real estate.
Please contact me to discuss why your most significant tax savings may not be realized through thoughtful tax planning and accounting practices, but by choosing the best location for your primary residence.Visit my website at www.carollinton.com to search for listings or to learn more about Jackson Hole.
Saturday, December 4, 2010
Thursday, December 2, 2010
Wednesday, May 5, 2010
Town of Jackson
Hall housing project secures $250K grant
Affordable homes are joint effort of Housing Authority, Habitat for Humanity.
By Kevin Huelsmann, Jackson Hole, Wyo.
April 7, 2010
A project to build 14 affordable homes along Hall Avenue now has some financial backing.
Late last month, the state Community Development Association awarded a $250,000 grant to the project, a partnership between the Teton County Housing Authority and Habitat for Humanity.
The development, purchased from the Jackson Hole Community Housing Trust last fall, was heavily reliant on grant money and had not been able to move forward until now, said Christine Walker, executive director of the housing authority.
“We now have money to start construction,” Walker said. “Even if we don’t get the second grant, we could probably fill the gap with money from exaction fees. It’s a lot smaller gap to bridge than if it were $500,000.”
Walker declined to provide any estimates of how much the project will cost because much of the design work has yet to be finalized, as does the authority’s agreement with Habitat for Humanity.
“They will have a certain number of units to build, but we’ll probably pay for all of the grading work and landscaping and some of the infrastructure,” Walker said of the tentative agreement. “We still have to work out the details, though.”
The authority still plans to apply for a $240,000 grant through a federal home lending program.
“If we get that, it should cover the subsidy for the homes,” Walker said.
Walker said her staff will work on the design of the project this summer and work to get a final development plan approved by the town. She estimated that construction will begin in 2011.
The Jackson Hole Community Housing Trust bought the property in 2006 with $1.4 million generated by the specific purpose excise tax and received sketch plan approval from the Jackson Town Council in August.
The trust said it planned to build 10 one-bedroom units and four three-bedroom units on the 0.8-acre property. The units were slated to be distributed among six 28-foot buildings.
Those plans also outlined a partnership between the authority and the trust in which each organization would sell seven units. However, under that agreement the trust would have managed all of the units.
In November, however, the trust transferred the property title to the authority for $150,000.
At the time, trust Executive Director Anne Hayden Cresswell said the trust “had a full plate” and that the authority was in a better position to move forward with it.
Since then, the housing authority has been trying to attract grant money to jump-start the project. Walker said the authority was able to leverage the land as a local match to the state money. In addition, lower construction costs and the partnership with Habitat have lowered some of the costs of the project.
Jackson Hole 2010 Q1 Real Estate Sales and Summary
With things a bit quieter here now that Jackson Hole Mountain Resort has successfully closed out the ski season, Sotheby’s International Realty is studying recent real estate activity and preparing for whatcould be a hot summer selling season.
So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.
Looking at the entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to an analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only eleven in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action. It could also point to the lower end of the market beginning to stabilize.
Certainly proper pricing has played a key role in getting the market back on track.While the lines on the graph are heading in the right direction, Sothebys continues to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing and creative print advertising.
Our overall expertise as well as strong presence in and around the valley allows us to closely monitor the pulse of the local market activity and helps us to deliver exceptional service to our clients.
Initiatives like this appear to be working for Sothebys and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in Teton County. For more information, visit my website at www.carollinton.com
So far this year data from the Teton County Multiple List Service reports an upward trend in real estate sales in Jackson Hole. In March, for example, unit volume was up 170 percent suggesting increased buyer demand.
Looking at the entire first quarter of 2010, dollar sales volume rose 88% percent over the same period in 2009 according to an analysis of the market and MLS data. Interestingly, twenty-five sales were for properties of more than $1 million, versus only eleven in the first quarter of last year. This could be read as a sign that though there are still excellent values to be found, some buyers see current prices as true bargains and are taking action. It could also point to the lower end of the market beginning to stabilize.Certainly proper pricing has played a key role in getting the market back on track.While the lines on the graph are heading in the right direction, Sothebys continues to increase our sales and marketing efforts keeping us on top of the latest trends with increased e-marketing and creative print advertising.
Our overall expertise as well as strong presence in and around the valley allows us to closely monitor the pulse of the local market activity and helps us to deliver exceptional service to our clients.
Initiatives like this appear to be working for Sothebys and its clients. In Q1 of 2010, Sotheby’s Jackson Hole Brokerage accounted for more than 70 percent of the total dollar volume in Teton County. For more information, visit my website at www.carollinton.com
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